The Monetary Authority of Singapore (MAS) has issued a revised Code of Corporate Governance after accepting recommendations made by the Corporate Governance Council.
The key changes to the Code focuses on areas such as director independence, board composition, director training, multiple directorships, alternate directors, remuneration practices and disclosures, risk management, as well as shareholder rights and roles.
However, two modifications will be made by MAS to the recommendation relating to independence from substantial shareholders.
Ms Teo Swee Lian, Deputy Managing Director of Financial Supervision, MAS expressed gratitude to Mr Alan Chan, the Chairman of the Council, and all Council members for their discussions and inputs.
"The Council has delivered a set of sound and balanced recommendations that will underpin strong corporate governance among Singapore listed companies and enhance investors' confidence in Singapore's capital markets," he said.
The revised Code will take effect from November 1 this year.
The Corporate Governance Council will also be issuing a Guidance for Boards on Risk Governance to provide practical guidance on risk governance for Board members.
The Council will be dissolved upon the issuance of the Guidance. An inter-agency committee will be formed to continue the work on corporate governance.
It will be chaired by MAS and will comprise representatives from the Singapore Exchange Limited and the Accounting and Corporate Regulatory Authority.